Direct RBI dollar sales to oil firms possible: Rangarajan

Direct sale of dollars by the Reserve Bank of India to state-run oil companies should not be ruled out, the chief economic adviser to the prime minister said on Wednesday, after the rupee plunged to another record low.

Speaking to a news channel. Rangarajan also said that any special overseas bond sale backed by the government should not be aimed at meeting short-term capital flow needs and should be done only after perception about the rupee improves.

The rupee hit an all-time low of 55.84 to the dollar on Wednesday, before suspected RBI intervention pulled it back.